When searching for a house, you might spot a few that say the house is “under contract.” But what does “under contract” mean? In most cases, a property is listed as “under contract” once a buyer has made an offer and the seller has accepted. While that’s a big step, it doesn’t mean the deal is done quite yet. The DiMora Team are real estate experts in the Northville and Novi neighborhoods and we know that if you see “under contract,” don’t give up quite yet. When a real estate listing is “under contract,” there are still contingencies attached to that offer that must be cleared before closing. These contingencies often include financing, a home inspection, home appraisal and sometimes the sale of the buyer’s current home. Since it’s possible for any of these items to fall through along the way, seller’s agents will sometimes take backup offers. In other words, if you want this home for yourself, that could still happen. If a buyer were to find a home that they absolutely love that is listed under contract with contingencies, it definitely wouldn’t hurt to have their agent reach out to the seller’s agent with a backup offer—as long as the buyer understands that this backup offer is only good if the current contract falls through. Check out below to see what sold in Northville Colony Estates in July 2021:
41002 Stone Haven Road, Northville: 3 bedrooms, 2.1 bathrooms, 1,938 sq. feet, 2 car garage, Sold Price: $410,000
Northville Colony Estates Home Sold
July 2021
15839 Plaiance Blvd., Novi: 4 bedrooms, 2.1 bathrooms, 2,608 sq. feet, 2 car garage, Sold Price: $400,000
Northville Colony Estates Home Sold
July 2021
The hotter the market, the less likely it is to fall through. If the sales fail to complete, typically the house comes back available for sale again. For more information on Northville Colony Estates, or similar Northville or Novi neighborhoods such as Lakes of Northville, Orchard Ridge Estates and Roma Ridge, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.